Homeowners losing £100,000 in the great space waste

In a survey of UK households, IKEA UK has found that most homes add up to a waste of space – wasting up to £100,000 in mortgage payments. An independent survey by Henley Centre suggests that our poor use of space squanders the equivalent of one whole room in our homes.

Across the UK, the average cost of that wasted space over a 25-year mortgage is an eye-watering £54,290 - and in London it reaches a staggering £100,280. So, where are we wasting space, and money, in our homes?

Well, we might love the kids equally, but it seems we don’t love our rooms equally. While 47% of people said the lounge was their favourite room, 25% like it best in the bedroom. And energetic young householders (18-24 years old) spend a lot more time in the bedroom – 49% of them named it their favourite room. Perhaps worryingly for those with partners, almost 10% of men said their happiest room is the home office/study. Another 5% even favoured the loft, spare bedroom, utility room, garage or shed.

Whether it’s loving the living room, or lusting for the bedroom, the ‘happy rooms’ in the home justify their share of the mortgage costs. They also give us the emotional payback of a happier home. But if we don’t love it, we don’t use it. The key culprits in the ‘great space waste’ are that 16% of us can’t stand the kitchen and 9% absolutely dread the spare bedroom. Also, 77% of us have a big problem with clutter in our homes. Valuable space around the house is being used as an untidy dumping ground for anything and everything.

The survey highlights that while we’re wasting a room in the house, we’re also dreaming of adding a new one. But that apparent contradiction does make sense. It shows that householders are aware that their rooms need to work smarter for them but have yet to take action. Dream home additions include home gyms, entertainment rooms and spare bedrooms (all, presumably, clutter-free). And the creative types are even thinking of music and dance studios. By switching the use of an existing room they can create a great addition to their family’s lifestyle. And it also makes financial sense.

Property specialist Roger Southam explains: “The findings are very revealing, never forget, absolutely every square inch of your home costs you money. If you’re not using it, you’re losing it. Firstly, don’t automatically use rooms the way they’ve always been used. Think of them as blank spaces and work out which room types actually suit your family’s needs. Then get rid of the clutter by using smart storage and making better use of space. The result can be anything from creating a family entertainment room, which saves on spending going out, to creating a room to rent, which actually brings money in. Whatever you choose, focus on making every room in the house work for you.”

Home and Lifestyle commentator Lindsay Blackman emphasises how the right rooms will deliver emotional returns too: “Property is not only a vital financial investment, it’s an emotional investment too. A house is all about creating a home and developing the lifestyle your family wants and enjoys. The survey shows that instead of simply worrying about house price movements, many of us could easily make a bigger emotional return on our homes through relatively simple and inexpensive changes. By aligning your home more closely to your own specific needs and making it work better for you, it will actually improve the quality of family life.”

The IKEA 2009 catalogue launched on 13th August and the IKEA website carries Hints & Tips on how to kick out the clutter and set about making every room a favourite in your home.